Naira scarcity and the socioeconomic wellbeing of residents in Calabar Metropolis, Cross River State, Nigeria
Author(s): Ikpeme, Dorothy Charles; Agba A. M. Ogaboh; Udom, Hannah Thompson
Institute(s): 1,2 Department of Sociology, University of Calabar; 3 Department of Social Work, University of Calabar
Volume 13 / Issue 2
Abstract
Scarcity of banknotes is an unfavourable economic reality, which usually leaves serious strains on the socioeconomic development of the nation. The recent nationwide cash scarcity in Nigeria (December 2022–March 2023) motivated this study to examine the relationship between naira scarcity and socioeconomic wellbeing in Calabar metropolis, Cross River State. Key variables included academic activities, commercial activities, and access to healthcare. Talcott Parsons’ social equilibrium theory provided the theoretical framework. The study employed a descriptive design with 400 respondents selected via Taro Yamane’s sampling method and multistage sampling. Data were collected using a questionnaire and analyzed with Pearson’s correlation at a 0.05 significance level. Findings revealed a significant relationship between naira scarcity and disruptions in education, commerce, and healthcare access. The study concluded that access to money is crucial for socioeconomic stability. It recommended expanding student loan and scholarship schemes, improving communication of monetary policies by the Central Bank of Nigeria, and extending the national health insurance scheme to reduce reliance on out-of- pocket healthcare expenses.
Number of Pages: 15
Number of Words: 7393
First Page: 43
Last Page: 57